XL Re, the global reinsurance operations of XL Group plc, has teamed up with Aon Benfield to become the first local reinsurer to successfully implement automated accounts and cash transactions using Association for Cooperative Operations Research and Development (ACORD) messaging standards.

XL Re Ltd has also implemented automated accounts, cash and claims messaging for all London brokers, including Aon Benfield. The system is integrated with XL Re's single, global IT reinsurance platform.

Charles Cooper, president and chief underwriting officer of XL Re Ltd, said: “XL Re Bermuda is proud to be a leader in this effort to raise the standards of electronic data sharing. The implementation of messaging for backend processing of Bermuda business provides efficiencies by allowing our internal resources to spend more time on business analysis and less on data entry.”